Apple Inc raises its U.S. spending target to £309 billion by 2026

By: Wajeeh Khan
Wajeeh Khan
Wajeeh is an active follower of world affairs, technology, an avid reader, and loves to play table tennis in… read more.
on Apr 26, 2021
  • Apple Inc raises its U.S. spending target to £309 billion by 2026.
  • The tech giant will hire 20K new U.S. employees in the next five years.
  • Apple to establish a new campus in North Carolina's Research Triangle.

Apple Inc. (NASDAQ: AAPL) raised its U.S. spending target on Monday to £309 billion by 2026, compared to £252 billion it had announced for the next five years in 2018. The new spending target includes capital expenditures, data centres located in the United States, and the cost of creating original television content in twenty states.

Apple shares opened at £96.95 in the stock market on Monday and slid to £96.19 per share in the next hour. In comparison, it had started the year at a per-share price of £93.08.

Apple commits to 20K new jobs in the United States

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For the next five years, Apple is now targeting creating 20 thousand new jobs in the U.S. at its facilities located in several states, including Washington, Massachusetts, Colorado, Iowa, and Texas. In its home town, California, the iPhone maker wants to hire 3 thousand new employees in Culver City and 5 thousand in San Diego.

Apple also expressed plans of increasing spending with its U.S. suppliers and extend its operations to several other states. The tech giant is the largest taxpayer in the United States and has paid almost £32 billion in domestic corporate income taxes over the past five years alone.

Apple’s revenue jumped to a record £81 billion in the fiscal first quarter, as per the report published in the last week of January.

Apple to establish a new campus in North Carolina

According to the American multinational, it will set a new campus in North Carolina’s Research Triangle that will create up to three thousand jobs, focused primarily on software engineering, artificial intelligence, machine learning, and other technology niches. The engineering hub will see £720 million of investment from Apple Inc. The move comes almost two years after the world’s most valuable company built a £720 million campus in Texas.

Apple also intends to create a new fund worth £72 million, dedicated to supporting schools in North Carolina. Another £79 million, as per the Cupertino-headquartered firm, will be directed at building infrastructure, including public schools, roads and bridges, and broadband internet in 80 of the state-wide counties.

The news comes a week after Apple launched new iPads, iMacs, and AirTags in a digital event. The Nasdaq-listed company performed largely upbeat in the stock market last year with an annual gain of close to 80%. At the time of writing, Apple is valued at £1.63 billion and has a price to earnings ratio of 36.43.

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